Ernst&Young to audit Sberbank

According to the bank's supervisory board, Sberbank shareholders selected the Ernst&Young audit company as the auditor of the bank for 2002 at today's general annual shareholders' meeting, member of the supervisory board Vadim Kleiner, who represented the interests of minority shareholders, told journalists.

Since 1995, Sberbank was audited by PricewaterhouseCoopers. This year, on the initiative of minority shareholders, executive officers of the bank decided to selects an auditor by tender for the first time. In addition to Ernst&Young, four international audit companies participated in the tender. They were PricewaterhouseCoopers, Deloitte&Touche CIS, the Financial and Accounting Consultants and KPMG. Among the conditions for audit and consultation services offered by the tender participants, the Ernst&Young offer was recognized as the best. As Sberbank representatives point out, the election of a new auditor demonstrates that the top management of the bank is striving to changing its auditing in accordance with traditional international practice, and for reducing audit costs.

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